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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />A.2 <br /> <br />Project Sponsor <br /> <br />A.2.1 History <br /> <br />A.2.2 <br /> <br />The FWDC has been known various ly as the Naturita Canal <br />and Reservoir Company, and the Naturita Cattle and Land <br />Company. Gurley Reservoir is owned and operated by the FWDC <br />and is also known as the Naturita Reservoir No.1, the Farmers <br />Water Development Company's Reservoi r and the Naturita Catt 1e <br />and Land Company's Reservoir No.1. <br /> <br />The canal and reservoir were initially granted a Decree <br />in May of 1884 to the Naturita Canal and Reservoir Company <br />which in turn issued stock to shareholders allowing them to <br />divert the water for their own use. <br /> <br />Title to the ditch and reservoir passed to the San Miguel <br />Irrigation and Land Company in the early 1900's. The San <br />Miguel Irrigation and Land Company became insolvent and title <br />to the property was passed on to a group of ranchers and <br />farmers who in turn formed the Farmers Water Development <br />Company. Since this time, the FWDC has had complete control <br />over Gurley Reservoir and Ditch System. <br /> <br />Laws and Powers of Organization <br /> <br />The FWDC is a tax exempt cooperative under I.R.S. code <br />section S01(C)(12) as a mutual ditch company. The FWDC has <br />full and complete control over the Gurley Reservoir and ditch <br />system. The FWDC holds annual stockholders meetings to elect <br />Board of Directors and to discuss general business matters. <br /> <br />The Board of Di rectors meet on a month ly bas i s and are <br />responsible for the day to day operations of the cooperative. <br />A copy of the FWDC's bylaws can be found in Attachment A. The <br />FWDC has the authority to levy assessments against the' <br />